We are pleased to provide you with a 2018 Year-End Tax Letter outlining important guidelines for compliance with federal and state rules of taxation and reporting requirements. This letter contains useful information regarding some of the more significant changes to the tax code from the Tax Cuts and Jobs Act, passed last year on December 22, 2017. The letter also contains 2018 and 2019 payroll tax requirements, employee benefits reporting, informational return filing requirements, and other information for tax planning.
Please note that this letter is designed to provide an overview of selected tax rules that we believe to be of interest to our clients. Tax rules are very complex and can be subject to interpretation; therefore, there are many special rules and exceptions that have not been addressed here. In addition, the contents of this letter are subject to change as new tax laws and legislation pass. In particular, there are certain provisions from the recently enacted Tax Cuts and Jobs Act that are still being clarified by Congress and the IRS. We will continue to keep you updated as new information becomes available.